QUICK TAKE ! PAY YOUR EMIS TILL YOU ARE 67!

Created on 29.08.2015 11:55:57

PAY YOUR EMIS TILL YOU ARE 67!

People in their middle age, who have not managed to buy a house until now, can now get a long-term loan with ICICI Bank introducing a product for this segment.This has been made possible with the help of a guarantee from a company promoted by National Housing Bank and US insurer Genworth Financial. Unlike standard loans which are not available beyond the retirement date of a borrower, ICICI Bank's Extraa Home Loans al lows home loans that are re payable up to 67 years of age. ICICI Bank has tied up with the newly promoted India Mortgage Guaran tee Corpora tion (IMGC), which will guarantee the repayment of the loan. The fee for the guarantee, around 1% of the loan amount, will be built into the EMIs. Now, bor rowers up to 37 years of age can avail of a 30-year loan.